Traders Buy Large Volume of Hesai Group Put Options (NASDAQ:HSAI)

Hesai Group (NASDAQ:HSAI) saw some unusual options trading on Tuesday. Investors bought 4,502 put options on the company. This represents an increase of approximately 57% compared to the typical volume of 2,859 put options.

Institutional Trading of Hesai Group

Several institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC acquired a new stake in shares of Hesai Group during the 4th quarter valued at $138,000. Hsbc Holdings PLC acquired a new stake in Hesai Group during the fourth quarter valued at $159,000. Landscape Capital Management L.L.C. purchased a new position in Hesai Group in the fourth quarter valued at about $168,000. Fox Run Management L.L.C. acquired a new position in Hesai Group in the 4th quarter worth about $177,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Hesai Group during the 4th quarter worth about $327,000. 48.53% of the stock is currently owned by institutional investors and hedge funds.

Hesai Group Stock Down 8.1 %

NASDAQ:HSAI traded down $1.80 on Tuesday, hitting $20.50. 9,533,626 shares of the company’s stock traded hands, compared to its average volume of 1,757,733. The company has a market cap of $2.60 billion, a PE ratio of -46.61, a price-to-earnings-growth ratio of 1.44 and a beta of 1.07. Hesai Group has a 1 year low of $3.52 and a 1 year high of $24.18. The company has a current ratio of 3.08, a quick ratio of 2.65 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $16.83 and a 200-day moving average price of $10.29.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HSAI. The Goldman Sachs Group upgraded Hesai Group from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $5.50 to $18.40 in a report on Tuesday, January 14th. Daiwa Capital Markets assumed coverage on Hesai Group in a research note on Tuesday, March 11th. They issued a “buy” rating and a $35.00 price target on the stock. Daiwa America raised shares of Hesai Group to a “strong-buy” rating in a research note on Tuesday, March 11th. Finally, Morgan Stanley downgraded shares of Hesai Group from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $5.80 to $15.00 in a research report on Monday, January 13th.

About Hesai Group

Hesai Group, through with its subsidiaries, engages in the development, manufacture, and sale of three-dimensional light detection and ranging solutions (LiDAR). Its LiDAR products are used in passenger and commercial vehicles with advanced driver assistance systems; autonomous passenger and freight mobility services; and other applications, such as delivery robots, street sweeping robots, and logistics robots in restricted areas.